NEO suffered huge losses this weekend and is in danger of falling below the $ 80 mark if the market sell-off continues.
The cryptocurrency market saw a sell-off this weekend, with Bitcoin falling below the $ 44,000 mark for the first time in three months. The downtrend was caused by numerous factors and resulted in most Altcoins losing over 10% of their value in the last 48 hours.
NEO is one of the leading altcoins, which suffered enormous losses last weekend. In the last 24 hours, the coin has fallen by almost 12% against the US dollar.
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The 4-hour chart of NEO/USD is currently incredibly bearish, resembling the charts of other leading cryptocurrencies. NEO is currently trading at $ 84, below its 100-day SMA ($106.26). The RSI slips into the “oversold” range, while its MACD indicates further losses.
4-Hour chart NEO / USD. Source: Coinalyze
If the bearish trend continues, NEO could slip below its significant support at $ 81.30, leading to another dip below $ 80. A continued sell-off could cause NEO to fall to its monthly low of $ 73. However, the bulls could defend the large level of support at $ 79.77.
The NEO / USD pair has risen 2.3% in the last hour. If the market continues its slow recovery, NEO could move towards the resistance point at 93.08 US dollars. Should he succeed in overcoming this psychological barrier, NEO could rise further and reach the mark of 101 US dollars. For a sustainable recovery, however, NEO needs the support of the wider market. The cryptocurrency market has dropped hundreds of billions of dollars in recent weeks.